Upstream: Complex Financial Reporting: Jonah Energy: Financial Reporting, Financial Planning & Analysis
Jonah Energy LLC (“Jonah”) is an exploration and production (“E&P”) company. Jonah acquired the Jonah Field located in Sublette County, Wyoming from Encana Corp. on May 12, 2014. At the time of the Encana acquisition, Jonah had a skeleton management team and limited infrastructure for operating an E&P company. Because of their limited infrastructure, Jonah entered into a long-term Transition Service Agreement (“TSA”) charged on a variable price based on hours dedicated by Encana personnel.
Opportune LLP was approached by an oil and gas exploration and production company (“Producer Co.”) that was seeking assistance to develop a hedging program associated with a new asset acquisition. Producer Co. engaged Opportune to provide risk management advisory and hedge execution services needed for its planned business expansion.
Opportune LLP was engaged by an upstream oil and gas producer (OIL Co.) to assist with the implementation of hedge reporting for their Euro-denominated expenses related to purchases of field equipment from European firms. OIL Co. is a U.S.-dollar functional currency entity that is exposed to currency exposure when the Euro moves against the dollar while budgeting for these expenses.
Fieldwood Energy LLC, a Houston-based, private-equity backed exploration and production company (the Company), is focused on the acquisition and development of oil and gas assets in the Gulf of Mexico region. On February 14, 2018, the Company filed for chapter 11 bankruptcy protection in the Southern District of Texas through a ‘prepackaged’ plan, which included a debt-for-equity swap and the purchase of $525 million of assets.
Midstream: Reserve Engineering & Geoscience: Greenfield Midstream: Technical Due Diligence/Acquisition
In late 2017, Ralph E. Davis Associates was engaged by Greenfield Midstream to perform technical due diligence for a midstream project in the DJ Basin in Colorado. Upon completion of the work, Greenfield Midstream partnered with Noble Energy to form a joint venture, Black Diamond Gathering LLC, and made a successful bid for the Saddle Butte asset.
Power & Gas: Process & Technology/Complex Financial Reporting: Essential Power: Reconstruction of Policies/Processes
Essential Power (the Company) is a merchant power company that operates a fleet of natural gas-fired plants in PJM and ISO-NE. The Company’s ability to realize the inherent optionality embedded in its plants is dependent on strong commercial skills and market knowledge, supported by accurate views of expected plant dispatch, and effective risk management of swaps, futures and heat rate options used to take advantage of market opportunities.
Molycorp Inc. (the Company) produced and sold rare earths and rare earth materials in the U.S. and internationally. Dacarba LLC, an Opportune LLP company, was engaged to provide interim management, serving as Senior Vice President Finance and Treasurer and was a key participant in the administration of the Company’s Chapter 11 process and successful emergence.
Alpha Natural Resources (the Company) was the second-largest coal supplier among publicly traded coal producers with $4.3 billion of revenues in 2014 and 8,900 employees. The Company filed for bankruptcy in August 2015 with $4 billion of funded debt and emerged in July 2016 whereby certain assets of the Company were sold via §363 sale and the remaining assets emerged on a standalone basis.
RDT Inc., a supplier of oil/gas drilling tubular tools to operators and drilling contractors, engaged Opportune LLP to serve as Chief Restructuring Officer (“CRO”) and to evaluate and pursue strategic alternatives for the business in a highly distressed situation. Activities included cost savings initiatives, assessing and reconstituting management and positioning the company for sale.
Assala Energy is an oil and gas exploration company, backed by Carlyle Group, focused on opportunities in Sub-Saharan Africa. The Assala Energy strategy was to invest in mid-life and mature assets to increase production and extend field lifecycles, while prioritizing integrity, safety and responsible operations. In March 2017, Assala Energy announced the purchase of Royal Dutch Shell’s onshore assets in Gabon, West Africa for a total of US$628 million. Opportune was engaged to manage all aspects of the IT transition within an overall multi-functional transition program.
Risk Management: When a highly successful privately-held trader wanted an expert’s view of risk management, they turned to Opportune. Our independent view of the traders’ policies, controls and risk oversight have provided a roadmap for ongoing improvements, and Opportune also annually provides the traders’ lenders with frank insight into the status of commodity risk management. Restructuring: Unauthorized trading at a privately-held trader resulted in significant losses, causing serious internal issues and problems […]
North American Power (NAP) is a retail power and natural gas supplier based in Norwalk, Connecticut. Founded in 2009, NAP has over $250 million in revenues and has been recognized by Forbes as one of America's Most Promising Companies, and by Inc. 5000 as one of America's Fastest Growing Private Companies. NAP engaged Opportune to be a system implementation partner for Allegro Natural Gas. Opportune’s Process and Technology experts worked […]
North American Power (NAP) is a retail power and natural gas supplier based in Norwalk, Connecticut. Founded in 2009, NAP has over $250 million in revenues and has been recognized by Forbes as one of America's Most Promising Companies, and by Inc. 5000 as one of America's Fastest Growing Private Companies. NAP engaged Opportune to assist with one of the first Allegro implementations for their new Retail Power offering targeted […]
Gawker Media, LLC was an online digital media company based in New York, New York. Its publications included Gizmodo, Lifehacker, Jezebel, and Deadspin. Opportune LLP was engaged by Gawker Media to provide essential restructuring support during its Chapter 11 bankruptcy filing and through the eventual wind-down of the estate. Leading up to the auction of Gawker Media’s properties in August 2016, a principal of Opportune served as its Chief Restructuring […]
The Term Loan B lenders for Southcross Holdings LP, a midstream company with facilities and pipelines in south Texas, Mississippi, and Alabama, engaged Opportune to assist in operational analysis and advise on the ensuing restructuring of the company. Opportune served as the financial advisor and analyzed the company’s business plan. This analysis involved a comprehensive asset review, evaluation of individual producers, detailed assessment of future capital expenditure needs, and examination […]
A Houston-based, private-equity backed exploration and production company (the Company) is focused on the acquisition and development of producing oil and gas assets in North America. The Company purchased offshore properties located in the Gulf of Mexico from an undisclosed seller (the Seller) effective July 1, 2013 for $3.8 billion. The Company engaged Opportune to review the final settlement and transition services statements (FSS and TSS, respectively) proposed by the […]
An investment bank and commodity trader with Russian roots started up a physical commodities business. The company chose OpenLink RightAngle to support their new physical business. The company engaged Opportune to lead the delivery of the greenfield Commodities Trading and Risk Management (CTRM) solution. While leading the delivery of the front-to-back CTRM solution, Opportune’s Process & Technology consultants also supported the setup of a new physical trading business in Europe. […]
A global investment bank with an active involvement in emerging markets had a goal to expand its commodities business with trading and logistics operations in physical oil, coal, iron ore, and metals. As part of the company’s growth strategy, it engaged Opportune to expand its process and technology and to implement more automation to overcome its current process challenges. Opportune provided enhancements to the Energy Trading and Risk Management (ETRM) […]
Undisclosed Gas Company is one of the largest integrated oil companies in the world. Annually ranked in the top of Global and US Fortune 500 lists for more than 50 years, it is a recognized leader in the oil and gas industry. Undisclosed Gas Company engaged Opportune to lead Supply Predictive Analytics (SPA) Project for their U.S. downstream operations group.
A large midstream natural gas gathering and processing Master Limited Partnership (Company) acquired three diverse companies for $8 billion in a matter of four months. Company was faced with completing Day 1 and long term integration activities covering commercial, operations, accounting, IT, legal, EH&S and HR functions in a very short period of time. Opportune was engaged to develop and manage the integration activities. Acquisitions are complex because the employees, […]
Midstream: Process & Technology: Crude First Purchaser Process & Systems Strategy and Implementation
Company is a publically traded Master Limited Partnership formed by the merger of two midstream companies. Company owns and operates approximately 9,000 miles of gathering and transportation pipelines, 13 gas processing plants, seven fractionators, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive crude trucking fleet. Company’s crude first purchaser and water hauling business was growing rapidly, and the existing business processes and […]
A global oilfield products and services company (the Company) based in Houston, Texas designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. The Company engaged Opportune’s tax team after recent growth due to multiple acquisitions. Opportune’s tax team was engaged to provide support for the state and local tax department, including assistance with tax compliance, sales tax software implementation, and sales […]
One of the largest natural gas, oil, and NGL midstream MLPs in the United States (Midstream MLP) has grown rapidly through acquisitions and organic growth. The resulting structure includes multiple publicly trading entities, over 500 legal entities, and dozens of joint-ventures. Consolidations and financial reporting for the complex organization is a significant monthly, quarterly and annual process that relies on the unique knowledge of individuals versus standard institutional processes and […]
A preeminent natural gas and NGL gatherer, processor and marketer (the Company) in the United States had grown significantly as the onshore shale drilling industry flourished. The Company’s business processes, systems and organization were challenged by the unprecedented growth in volume, complexity and risk. Operating silos emerged, communication broke down, and operational support costs (IT, accounting, scheduling and risk) grew significantly. The Company enlisted Opportune to define their next generation […]
A large foreign multinational corporation (the Company) invests in power plants and renewable energy ventures in addition to its businesses in the manufacturing, trading, and financial services. The Company had recently invested in a U.S.-based wind powered electricity generation facility (the windfarm). To finance this project, the Company had executed a series of contracts to forward sell 100% of the power generated from the windfarm, along with all its environmental […]
An oilfield services company (OFS Co.), engaged Opportune for assistance with implementing hedge accounting for their Euro denominated revenue contract. OFS Co. was concerned a strengthening U.S. dollar (USD) would erode the margin budgeted for the revenue contract. Opportune provided guidance on hedge strategy development and presented the hedge accounting implications of each strategy. OFS Co. entered into a foreign currency swap that was designated as a cash flow hedge. […]
Precious Metals Mining Company (PMM Co.) is a domestic publicly listed precious metals producer focused on mining, developing, and exploring properties. It currently operates a wholly owned gold mine, in addition to a number of early and advanced stage exploration properties in the U.S. PMM Co. consumes a significant amount of diesel fuel in its daily operating activities for transporting waste rock and ore in large haul trucks and for […]
Headquartered in Philadelphia, Pennsylvania, Sunoco is part of the Energy Transfer Partners, L.P. family of companies. Sunoco engaged Opportune’s Process and Technology practice to implement an integrated Energy Trade Risk Management (ETRM) System solution to support their Retail and Marketing business function. As Sunoco’s business model was evolving, Sunoco faced the challenge of re-tooling its IT infrastructure and applications portfolio. Sunoco was replacing their mainframe-based legacy applications with current technology […]
An oil and gas midstream company (the Company) headquartered in Dallas, Texas, with midstream assets in Texas, Louisiana, and Marcellus regions, acquired natural gas assets in September 2014. The $235 million acquisition included 1400 miles of intrastate and interstate natural gas pipelines and 11 billion cubic feet of storage. The Company engaged Opportune to lead the integration of the acquired assets into their commercial, operational, and IT organizations. Opportune’s Process […]
Parsley Energy Inc. (Parsley) is an exploration and production company with operations in the Permian Basin and is based in Midland, Texas. Opportune was engaged to assist Parsley through its initial public offering (IPO) process, including filing a registration statement on Form S-1 (S-1) with the U.S. Securities and Exchange Commission (SEC). Opportune’s derivative specialists worked with the complex financial reporting team to convert Parsley’s records from a cash basis […]
Monroe Energy, LLC (Monroe) is a wholly-owned subsidiary of Delta Air Lines, Inc. (Delta) and operates the 185,000 bpd refinery in Trainer, Pennsylvania (Trainer Refinery). In 2011, the Trainer Refinery was idled and ceased operations until late June 2012, when the refinery was officially acquired by Monroe from Phillips 66. Shortly after the acquisition, Monroe began the turnaround with more than 1200 contractors onsite to bring the Trainer Refinery online. […]
In a dispute between the buyer and seller of a petroleum refinery, the buyer asserted that environmental contamination allegedly caused by the seller had diminished the value of the refinery. Opportune’s Chemical Engineering practice was engaged to provide expert analysis of the historical operation of the refinery and to evaluate if the value of the refinery might have been affected by environmental contamination. Assessing the total economic impact of the […]
Groundwater contamination at a site adjacent to a refinery led to a dispute over the origins of the contamination. Opportune’s Chemical Engineering practice was engaged to examine the historical operations of the refinery and determine if the contamination found on the groundwater at the adjacent property could be attributed to the refinery. Refineries typically have very long economic lives and may stay in operation over many decades. A site may […]
A privately held midstream and downstream fuels marketing company (company) owns fuel storage terminals, marine loading facilities, refineries and trading operations that support commercial and retail fuel sales in emerging markets throughout the world. The company initially entered the African downstream sector in 2002 and has since rapidly expanded throughout sub-Saharan Africa. The company’s acquisition of southern African marketing businesses in 2010 consisted of shareholdings in five separate business operations […]
As part of an initiative to ensure continued compliance with all state and local taxing jurisdictions, a worldwide manufacturer and master distributing company (the Company) engaged Opportune to serve as its state and local tax function. At the conclusion of a nexus study and internal conversations, the Company and Opportune jointly identified several states that were most likely to request returns from the Company in the future based on its […]
GMX Resources Inc. (GMXR) is a publicly-traded, independent oil and gas exploration and production company based in Oklahoma City, Oklahoma that developed acreage in Williston Basin, Denver Julesburg Basin, Haynesville/Bossier and Cotton Valley Sand formations. On April 1, 2013, GMXR filed a joint Chapter 11 bankruptcy petition, after an illiquidity situation. Opportune’s Managing Partner was retained as the Chief Restructuring Officer (CRO) after GMXR filed for bankruptcy, and the goal […]
Cantera Energy LLC (Cantera), an investment portfolio company of Kayne Anderson Energy Funds, is an independent oil and gas company focused on the acquisition and development of properties with identified exploration and development upside in the onshore Gulf Coast Regions. The Houston-based company operates over 750 producing wells in South Texas covering over 75,000 net acres with exposure to the Vicksburg, Wilcox and Frio formations. In June 2013, Cantera purchased […]
An Undisclosed Company (the Company) is one of the world’s leading independent commodity trading and logistics houses. The Company has developed industrial assets and strategic infrastructure to support trading activities throughout the world. Previously, Opportune assisted the Company with the acquisition of a logistical site on the Corpus Christi ship channel. With the growth of production in the Eagle Ford formation in South Texas, the Company identified an opportunity to […]
An Undisclosed Company (the Company) is one of the largest independent liquids terminal and pipeline operators in the US with international operations in Canada, Mexico, the United Kingdom, Europe, and the Caribbean. The Company engaged Opportune to provide maintenance turnaround management for an international petroleum processing plant. The plant had been operated intermittently to meet seasonal product requirements for several years. The goal of the turnaround was to complete required […]
In 2014, the U.S. Department of Energy (DOE), the prime contractor in support of the Rocky Mountain Oilfield Testing Center (RMOTC), engaged Ralph E. Davis Associates (Davis) to provide an evaluation report of the Naval Petroleum Reserve No.3 (historically known as the Teapot Dome Oil Field), located in Natrona County, Wyoming. Davis was contracted to ascertain the oil and gas reserves in preparation for sale of the Teapot Dome Oil […]
PBF Holding Company LLC (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF engaged Opportune to perform as subject matter experts, providing functional architecture and lead accounting, inventory, and reconciliation for Energy Trading and Risk Management (ETRM) delivery. Opportune aided PBF in system configuration updates, business process changes, user training, […]
Fieldwood Energy, LLC. (Fieldwood) is a Houston-based portfolio company of Riverstone Holdings, LLC. (Riverstone), focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. On September 30, 2013, Fieldwood acquired Apache Corporation’s (Apache) Gulf of Mexico Shelf (Shelf) business for approximately $3.75 billion. Fieldwood engaged Opportune to perform a valuation advisory service of Fieldwood and related units to management. Opportune’s […]
Midstates Petroleum Company, Inc. (Midstates) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered, yet underdeveloped hydrocarbon trends. Midstates is headquartered in Houston, Texas, with a regional office in Tulsa, Oklahoma. Midstates engaged Opportune’s Corporate Finance team to perform a valuation of assets worth $1.27 billion worth in connection with two transactions. Opportune’s experienced experts conducted […]
PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstock, lubricants, and other petroleum products in the United States. Opportune has a relationship with PBF, and they engaged our Process and Technology team advisors to implement and define a right-sized solution for a startup reefing company. Opportune’s experienced advisors were furthermore engaged to help implement the solution throughout the […]
PBF Holding Company, LLC, (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF initially engaged Opportune to help define its overall IT strategy and systems landscape and to complete a full ERP and ETRM system selection and implementation. After a successful IPO, PBF growth continued, in addition to normal business […]
The Electric Reliability Council of Texas (ERCOT) is an independent systems operator that manages the flow of electric power to 24 million Texas customers, representing close to 90 percent of the state’s electric load. Total capacity in the ERCOT market exceeds 74,000 megawatts. Initially, ERCOT engaged Opportune to design, build, and run a financial management office that would budget, forecast, and control the $550 million of costs related to Nodal […]
Founded in 2008, Parsley Energy, Inc. (Parsley) is an independent oil and natural gas company with operations in the Permian Basin, where they develop unconventional oil and natural gas reserves. Over the past several years, Parsley has grown from a two-person start-up to a large-scale corporation that operates several hundred wells and produces more than fifteen-thousand barrels (net) of oil equivalent per day. In August 2013, Parsley engaged Opportune to […]
Parsley Energy Inc. (Parsley), is an exploration and production company withoperations in the Permian Basin and is based in Midland, Texas. Opportune wasengaged to assist Parsley through its initial public offering (IPO) process, includingfiling a registration statement on Form S-1 (S-1) with the Securities ExchangeCommission (SEC). Opportune’s transaction services and tax experts worked with the complex financialreporting team to coordinate the complex process of filing the S-1. The legal and […]
Opportune was engaged as a subject matter expert in a dispute between partners of an oil and gas company. The matter involved two joint operating partners, one, the financial backer, and the other, the operational partner. Our Client, a third-party accountant for other joint interest owner responsible for the financial funding, was facing a suit claiming our Client was responsible for damages and profit loss. In this suit, the plaintiff […]
An undisclosed lender for a privately held trading company engaged Opportune as a crisis manager to assist in the evaluation of immediate liquidity needs, the ongoing viability of the trading company’s business, and the cost benefit of liquidation. Opportune served as a financial advisor and provided the undisclosed lender with an intricate and accurate valuation report for collateral purposes during a volatile situation involving multiple stakeholders. Opportune responded quickly to […]
A fully integrated North American energy retailer and services provider engaged Opportune to assist in the development of a 15-month set of goals, objectives, and plans for the Chief Financial Officer (CFO). Opportune began by conducting a careful background assessment and analysis of the current organizational structure, culture, people, financial operations, and institutional history to develop an understanding of the best way to implement new CFO objectives. Opportune’s expert team […]
A privately held global financial services firm was considering extending additional debt to one of the oil and gas exploration and production (E&P) companies in its investment portfolio. Headquartered in Knoxville, Tennessee, the E&P Company focuses its operations in Cook Inlet, Alaska and the Appalachian Basin and offers common stock on the New York Stock Exchange. The financial services firm initially engaged Opportune to assess the quality of earnings of […]
University Lands, a department of The University of Texas (UT) System, manages the system’s mineral interests and surface rights to approximately 2.1 million acres located primarily in the Permian Basin. As a result of the shale boom in West Texas, University Lands recognized the need for more streamlined reporting and accounting to better manage their assets and to provide improved customer service to the lessees and purchasers on their land. […]
During the first few months as the new Chief Accounting Officer (CAO) of a global gas compression services company (the Company), the CAO unknowingly reported inaccurate financial reports to the Company’s key stakeholders. These financial reports were the result of heavily dependent ad hoc and inconsistent, manual procedures. Without the proper tools, the accounting department was burdened by a perpetual month-end close process, and, as a result, it did not […]
PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of petroleum products in the United States. PBF recently completed its IPO and continues to grow rapidly. Opportune was initially engaged to implement PBF’s ETRM system (RightAngle) and was further engaged by the Tax Director. As PBF expanded, the tax department and the organization needed support to streamline and manage daily tax operations. PBF leveraged Opportune’s industry […]
The Undisclosed E&P Company (The Company) is the Holder of strategic assets primarily in the shallow waters of the Gulf of Mexico. The Company’s focus is on acquisitions, production enhancements, development, and low risk exploration in the Gulf of Mexico. Opportune’s professionals were engaged to advise certain Private Equity backers regarding The Company’s current and future financial position. Specifically, Opportune evaluated The Company’s ability to pay down its accounts payable […]
Memorial Production Partners LP (Memorial) is a publicly traded limited partnership that was formed in 2011 to own, acquire and exploit oil and natural gas properties in North America. Memorial acquired its initial assets from three separate operating companies of Natural Gas Partners (NGP) in December 2011. Memorial engaged Opportune for data conversion, operational transactional processing and reporting, production allocation, and land services. Opportune set up more than 1,500 properties […]
EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.5 million acres under lease, and more than $10 billion in assets under management. EnerVest has been a successful sponsor for over 20 years as an operating company for institutional investors, and in 2013 completed its thirteenth partnership fund with aggregate equity commitments of $2 billion. Opportune […]
In 2008, Flatrock Energy Advisors LLC and EnCap Investments L.P. joined together to create EnCap Flatrock Midstream (“EnCap Flatrock”), a private equity firm dedicated to invest in the midstream sector of the North American energy industry. Today EnCap Flatrock has more than $3 billion in total assets under management. The firm’s impressive portfolio of companies includes Nuevo Midstream LLC (“Nuevo”), which was formed in April 2011 by EnCap Flatrock and […]
University Lands, a department of the University of Texas System’s Office of Business Affairs, manages the Permanent University Fund lands and all operations therein. University Lands’ operations include both the mineral interests and surface rights for approximately 2.1 million acres, primarily in the heart of the Permian Basin. Recognizing the potential of the land assets, University Lands engaged Opportune to provide a comprehensive strategic study comparing the effectiveness and efficiency […]
ATP Oil & Gas Corporation (“ATP”), a publicly traded U.S. corporation with oil and gas operations in the Gulf of Mexico, engaged Opportune to serve as a financial advisor during the company’s bankruptcy. ATP has a complex capital structure involving multiple levels of secured debt and other unique contractual financial obligations. Effective restructuring depended on a major deepwater construction project and functioning assets in place to offset significant liquidity issues […]
PBF Energy (“PBF”) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. As a growth organization which successfully completed its IPO, PBF needed a fully integrated solution with the flexibility of adapting to an ever-changing business landscape. PBF initially engaged Opportune to help define its overall IT strategy and systems landscape and […]
Midstates Petroleum (Midstates) is an upstream company focused on the acquisition and development of domestic oil and gas properties. Initially recapitalized with private equity capital from a major private equity group, Midstates’ management team engaged Opportune to manage the financial reporting aspects of its initial public offering (IPO) process. Having worked on and managed hundreds of SEC filings, Opportune’s management team is very familiar with IPO timelines. Opportune collaborated with […]